Remove Financial Loss Remove General Liability Remove Inland Marine
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Insurance for Apartment Building Owners: Protecting Your Client’s Investments With the Right Coverage

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General liability : Covers the costs of fighting litigation plus covered damages that might come from it. Ordinance or law coverage : Covers the cost of repairing or rebuilding structures to meet current building codes after a covered loss, even if the existing structure was not up to code.

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Can Both the Contractor and Property Owner Be Named Insureds on a Builder’s Risk Policy?

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Financial Interest and Named Insureds In a typical Builder’s Risk policy , the named insured is the entity that has a financial interest in the construction project. This could be the contractor, developer, or property owner, depending on who stands to suffer a financial loss if the property is damaged during construction.

Policy 52
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Builder’s Risk Insurance Declinations: An Interview With Susan DeCarlo

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And regarding coverage, if the named insured is the builder, or there is a relationship between the named insured and the builder, in that capacity we would exclude general liability coverage. It’s important to monitor results and get ahead of future threats, and this can help minimize financial losses.

Risk 52